Delhi NCR witnessed the highest number of land deals in 2024- Anarock Report
New Delhi New Delhi: Financially strong real estate developers and other entities continued to acquire land in 2024 despite rising land prices. Data shows that due to high demand from homebuyers, Delhi and the National Capital Region led in the number of land deals closed across all cities.
Data provided by real estate consultancy firm ANAROCK showed that at least 38 land deals for 417+ acres closed in NCR in 2024. In 2023, there were 22 land deals for 190+ acres in the National Capital Region. NCR was at the forefront of real estate activity in 2024.
Overall, at least 133 different land deals for over 2,515 acres closed in 2024 across the country, said Anuj Puri, Chairman, ANAROCK Group.
Puri said, “Due to strong residential sales momentum across India, 77 per cent of the total land area acquired in 2024 is earmarked for various residential developments.” In 2023, about 97 land deals across the country saw the transfer of 2707+ acres of land. At least 230 land deals took place in the last two years, totalling 5,222+ acres of land.
According to Anarock data, of the 133 land deals closed in 2024, 95 deals of about 1,948 acres are proposed for residential development in Tier 1, 2 and 3 cities.
97+ acres of land in four separate deals were earmarked for industrial and logistics parks; five deals of 124+ acres were for mixed-use developments; 12 deals of about 175 acres for commercial spaces and data centres; 78+ acres of land across 12 separate deals for retail, education and healthcare, agriculture, senior living and other asset classes.
“NCR and MMR (Greater Mumbai) continued to be the key focal points for land acquisition in 2024,” Puri said. “While NCR had the highest number of deals in 2024 with 38 deals for over 417 acres, MMR saw land transactions of over 607 acres across 30 deals. Land prices in both regions have skyrocketed in the past few years, but that has not stopped developers from focusing on a prime asset in these areas,” Anarock chairman added.
Further, Anarock recently said that sales of ultra-luxury homes priced above Rs 40 crore continued to grow rapidly in 2024, while residential real estate prices are on the rise.
The number of sales and sale prices of such properties reached new peaks in 2024. Data provided by the real estate advisor indicates that the total sales price of ultra-luxury homes increased by 17 per cent annually in 2024, compared to 2023.
